| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : US Economy Last Updated: Jun 9, 2014 - 8:28 AM


US added 217,000 in May; All jobs lost during recession recovered
By Michael Hennigan, Finfacts founder and editor
Jun 6, 2014 - 3:01 PM

Email this article
 Printer friendly page

US nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3% according to the Bureau of Labor Statistics today. Employment rose in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing. With the gains in May, payroll employment now exceeds its pre-recession level. Nonfarm payroll employment fell by 8.7m from January 2008 through February 2010. Since then, employment has risen by 8.8m. - -  meaning all the jobs that were lost during the recession have been recovered.  Of course the population has also increased since 2008.

The US labor market reached two milestones in May. Not only did American employers finally regain all the jobs lost in the 2007-2009 recession, but seasonally adjusted nonfarm payrolls rose by more than 200,000 for a fourth consecutive month - -  a trend that hasn’t happened since the end of the 1990s.

Incorporating the revisions for March and April, which decreased total nonfarm employment by 6,000 on net, monthly job gains have averaged 234,000 over the past 3 months. In the 12 months prior to May, employment growth averaged 197,000 per month.

With the gains in May, payroll employment now exceeds its pre-recession level. Nonfarm payroll employment fell by 8.7m from January 2008 through February 2010. Since then, employment has risen by 8.8m.

In May, employment in professional and business services rose by 55,000, the same as its prior 12-month average gain. Within this industry, employment increased over the month in computer systems design and in management and technical consulting. Employment in temporary help services continued to trend up (+14,000) and has grown by 224,000 over the past year.

Health care and social assistance added 55,000 jobs over the month. The health care industry added 34,000 jobs in May, twice its average monthly gain for the prior 12 months. Within health care, employment rose by 23,000 in May in ambulatory health care services (which includes doctors’ offices, outpatient care, and home health care) and by 7,000 in hospitals. Employment in social assistance rose by 21,000 in May, compared with an average monthly gain of 7,000 over the prior 12 months.

Employment in food services and drinking places rose by 32,000 in May. Over the past year, food services has added 311,000 jobs.

Transportation and warehousing employment increased by 16,000 in May. Over the prior 12 months, this industry had added an average of 9,000 jobs per month. In May, job gains occurred in support activities for transportation (+6,000) and in couriers and messengers (+4,000). Manufacturing employment changed little over the month but has added 105,000 jobs over the past year. Within the industry, durable goods added 17,000 jobs in May and has accounted for the net job gain in manufacturing over the past 12 months.

Average hourly earnings of all employees on private nonfarm payrolls rose by 5 cents in May. Over the past 12 months, average hourly earnings have risen by 2.1%. From April 2013 to April 2014, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 2.0%.

Turning now to the survey of households, the unemployment rate was unchanged at 6.3% in May, following a decline of 0.4 percentage point in April. The number of unemployed persons remained at 9.8m in May. Over the year, the unemployment rate has declined by 1.2 percentage points, and the number of unemployed has decreased by 1.9m.

In May, the labor force participation rate was unchanged at 62.8%. It has shown no clear trend since this past October but is down by 0.6 percentage point over the year.

Among persons who were neither working nor looking for work in May, 2.1m were classified as marginally attached to the labor force, about unchanged from a year earlier. (These individuals had not looked for work in the 4 weeks prior to the survey but wanted a job, were available for work, and had looked for a job within the last 12 months.) The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 697,000 in May, little different from a year ago.

Interest rates are going to be tame for a while, says CNBC's Rick Santelli, sharing his thoughts on how Friday's jobs number will likely impact the markets. And Mark Zandi, Moody's Analytics; Jared Bernstein, Center on Budget & Policy Priorities, and CNBC's Larry Kudlow, share their thoughts on Friday's employment numbers:

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

US Economy
Latest Headlines
US jobs rose by 215,000 in July; Unemployment rate stable at 5.3%
US economy grew at weak pace in Q2 2015 - Worst expansion since 1945
Decoupling of per capita GDP, productivity, private employment, and median family income in America
US economy stumbles again in 2015
Income gap highest in 30 years; No inequality rise in best-paying US firms
Fed minutes raise doubts about fragility of US recovery
Senate Democrats block trade deal authority for Obama
Five firms held 25% of top US non-financial companies cash pile in 2014
US added 223,000 jobs in April; Broad jobless rate at 10.8%
Investment struggles as dividends/ share buybacks at top US firms to exceed $1tn in 2015
US economic growth plunged in Q1 2015
Why the Fed may (almost) never raise interest rates
US jobless rate falls to 5.5%; Broad rate at 11%; Participation rate at 1978 level
US added 257,000 jobs in January; Broad jobless rate at 11.3%
US economy will soon see best years in a decade
US annualised GDP slowed sharply in final quarter 2014
US budget deficit to fall to 2.6% of GDP in 2015
US added 252,000 jobs in December; Jobless rate falls to 5.6%
US adds 321,000 jobs in November; Private sector adds 10.9m jobs in 57 months of growth
US manufacturing slowed in November
US retail spending over Thanksgiving weekend fell 11%
US consumer spending weak in October; Business investment fell again
US third-quarter GDP revised up to 3.9% annualised rate
After destroying banking secrecy US helps Swiss exporters
US oil imports from OPEC cartel at 30-year low
Tax-inverted "Irish" firm Actavis agrees to buy US Botox maker Allergan
US nonfarm payroll employment rose 214,000 in October' Jobless @ 6-year low
Swiss bankers await fallout of US tax evasion acquittal
Two PMI reports give contrasting trends on US manufacturing
US GDP increased at annualised 3.5% in third quarter of 2014
US city home price growth slowed again in August; Consumer confidence rebounded in September
US new orders for manufactured durable goods fell again in September
Loans to buy US shares at record highs
Global markets slide; US industrial production best in 3 years & jobless claims in 14-year low
US federal budget deficit dips to 2.9% of GDP in fiscal year 2014
US added 248,000 jobs in September; Jobless rate falls to 5.9%
US set to become world’s leading liquid petroleum producer again
Obama issues new rules to combat tax inversions
US Securities and Exchange Commission to pay $30m award to foreign whistleblower
Typical American household income in 2013 was below the 1989 level